LICEcap is a lightweight, portable application focused on high-quality GIF exports with customizable settings and transparent backgrounds, while GifCam offers a user-friendly interface with webcam recording and the ability to capture multiple GIFs in one go, though it lacks advanced editing features. Both tools are suitable for creating GIFs, but LICEcap provides more robust quality options, whereas GifCam is simpler and more versatile in terms of recording options.